SGD Bonds Nominal
S$1.512M
6 SGD counters (incl. Astrea 9 A-1)
USD Bonds
USD203K
GE Life AT1 + Astrea 9 A-2
Annual Income (SGD eq.)
S$81K+
7 coupon-paying bonds; Astrea 9 notes excluded (structure TBD)
Next Coupon
30 Sep 26
Lendlease 3.90% → S$4,875
Earliest Call
Nov 2029
Keppel REIT
Live Market Pricing — POEMS, as at 10 Oct 2026 5:07 PM
| Bond | CCY | Nominal | Last Price | Avg Price | Market Value | Unrealized P/L |
|---|---|---|---|---|---|---|
| ESR REIT 5.75% PERP | SGD | 250,000 | 1.020 | 1.000 | S$254,990.00 | +S$4,990.00 (+1.99%) |
| Keppel REIT 3.28% PERP | SGD | 250,000 | 0.985 | 1.001 | S$246,132.50 | −S$3,992.50 (−1.59%) |
| Lendlease Asia 3.90% PERP | SGD | 250,000 | 0.976 | 1.000 | S$244,115.00 | −S$5,885.00 (−2.35%) |
| MoneyMax Treasure 5.00% 30OCT28 | SGD | 250,000 | 1.005 | 1.000 | S$251,245.00 | +S$1,245.00 (+0.49%) |
| Standard Chartered 4.30% PERP | SGD | 250,000 | 0.990 | 1.003 | S$247,447.50 | −S$3,177.50 (−1.26%) |
| Wee Hur Holdings 4.80% 04NOV30 | SGD | 250,000 | 1.019 | 1.000 | S$254,730.00 | +S$4,730.00 (+1.89%) |
| Great Eastern Life 5.398% PERP | USD | 200,000 | 0.964 | 1.003 | US$192,750.00 | −US$7,750.00 (−3.86%) |
| Astrea 9 Class A-1 3.4% (SGD tranche) Not visible in 10 Oct screenshot — figures carried from 24 Sep, verify on POEMS S$615M facility — full name truncated on POEMS, verify exact maturity/terms | SGD | 12,000 | 1.021 | 1.030 | S$12,252.00 | −S$108.00 (−0.87%) |
| Astrea 9 Class A-2 5.7% (USD tranche) Not visible in 10 Oct screenshot — figures carried from 24 Sep, verify on POEMS US$200M facility — full name truncated on POEMS, verify exact maturity/terms | USD | 3,000 | 1.022 | 1.040 | US$3,066.00 | −US$54.00 (−1.73%) |
Total Portfolio Market ValueS$1,761,987.28
Total Unrealized P/L−S$12,204.29 (−0.69%)
Buying Power (Cash Plus, a/c •••• 2959): S$175,104.96FX: 1 USD ≈ 1.2822 SGD carried from 24 Sep (not re-checked 10 Oct)
10 Oct 2026 update vs 24 Sep: book slipped a further ~S$7,500, from −S$4,252 (−0.23%) to −S$12,204 (−0.69%). The SGD book was nearly flat (−S$2,090 across the six visible SGD counters); almost all the deterioration is GE Life, whose loss widened from −US$5,000 (−2.49%) to −US$7,750 (−3.86%). Lendlease fell further (0.985 → 0.976, now −2.35%) and is now the weakest SGD position, clearly behind Keppel (−1.59%). Every SGD counter ticked down slightly; none flipped sign. Data gaps: (1) both Astrea 9 notes were not visible in the 10 Oct screenshot (SGD section header scrolled off; the USD section total of US$192,750 equals GE Life alone, which suggests Astrea 9 A-2 may no longer be held — unconfirmed), so their 24 Sep figures are carried; (2) USD/SGD FX carried from 24 Sep.
Earlier (24 Sep) — broad pullback since 3 Aug pull: the whole book flipped from +S$15,054.40 (+0.85%) to −S$4,252.34 (−0.23%) — a roughly S$19,300 swing. Every position moved down; Standard Chartered flipped from a +1.12% gain to a −1.10% loss, and both Astrea 9 notes (previously flat at 0.00%) now show real losses (−0.87% / −1.73%). ESR REIT and Wee Hur remain the only clean gainers, though both pared back from their 3 Aug peaks.
Coupon Payment Timeline
SGD equiv · green = SGD bonds · blue = USD bond
Full Bond Register
| Bond | CCY | Nominal | Coupon | Annual Income | SGD Equiv | Next Payment | First Call |
|---|---|---|---|---|---|---|---|
| ESR-REIT 5.75% SGD Subordinated Perpetual REIT subordinated perpetual; issuer discretion; non-cum | SGD | 250,000 | 5.75% | SGD 14,375 | S$14,375 | 2026-09-20 SGD 7,188 | 2030-03-20 |
| Great Eastern Life 5.398% USD AT1 Perpetual USD AT1 subordinated perpetual; issuer discretion; non- | USD | 200,000 | 5.40% | USD 10,796 | S$13,767 | 2027-01-22 USD 5,398 (est.) Received 22 Jul 26: USD 5,398.00 actual (POEMS) | 2032-01-22 |
| MoneyMax Treasure 5.00% SGD Senior Bond 2028 Senior unsecured dated bond; maturity 30 Oct 2028; issu | SGD | 250,000 | 5.00% | SGD 12,500 | S$12,500 | 2026-10-30 SGD 6,250 | N.A. - dated bond |
| Wee Hur Holdings 4.80% SGD Senior Bond 2030 Senior unsecured dated bond; maturity 4 Nov 2030; issue | SGD | 250,000 | 4.80% | SGD 12,000 | S$12,000 | 2026-11-04 SGD 6,000 | N.A. - dated bond |
| Standard Chartered 4.30% SGD AT1 Perpetual Bank AT1 / contingent convertible; discretionary non-cu | SGD | 250,000 | 4.30% | SGD 10,750 | S$10,750 | 2027-01-15 SGD 5,375 (est.) Received 15 Jul 26: SGD 5,330.82 actual (POEMS) | 2031-07-15 to 2032-01-15 window |
| Lendlease Asia Treasury 3.90% SGD Perpetual Subordinated perpetual; cumulative/compounding deferral | SGD | 250,000 | 3.90% | SGD 9,750 | S$9,750 | 2026-09-30 SGD 4,875 | 2030-09-30 |
| Keppel REIT 3.28% Perpetual Subordinated perpetual; issuer discretion; non-cumulati | SGD | 250,000 | 3.28% | SGD 8,200 | S$8,200 | 2026-11-27 SGD 4,100 | 2029-11-27 |
| Astrea 9 Class A-1 (SGD, ~3.4%) PE-fund-of-funds ABS note; S$615M facility class; terms unconfirmed — name truncated on POEMS | SGD | 12,000 | ~3.4% | TBD | TBD | Verify on POEMS | Verify on POEMS |
| Astrea 9 Class A-2 (USD, ~5.7%) PE-fund-of-funds ABS note; US$200M facility class; terms unconfirmed — name truncated on POEMS | USD | 3,000 | ~5.7% | TBD | TBD | Verify on POEMS | Verify on POEMS |
On the Astrea 9 notes: these are asset-backed securities collateralized by a diversified PE fund portfolio (Astrea platform, managed by Azalea/Temasek-linked), structurally different from the corporate/REIT perpetuals above — priority of payment from PE fund distributions rather than a single issuer's discretion. Small combined size (~S$16.4K SGD-equiv) relative to the rest of the book, so not urgent, but worth pulling the actual prospectus/factsheet before counting on a specific coupon or maturity date for planning.
Fees & Costs — Bond Custody
POEMS charges a monthly custody fee for foreign-issuer bond counters. Billed with a ~2-month lag (e.g. the fee "for May 2026" was charged 1 Jul 2026). Auto-funded each time by redeeming a small slice of the Phillip Money Market Fund — no manual payment needed, but worth knowing it's happening.
| Date Charged | Billed For | Amount | Funded By |
|---|---|---|---|
| 01 Jul 2026 | May 2026 | −USD 22.99 | Phillip MMF redemption (16.9969 units @ 1.3526) |
Correction on attribution: initially assumed this fee applied to GE Life alone (as the only USD-denominated holding). Per Prof Tan, "foreign" here likely means foreign-issuer counter, not just currency — Standard Chartered (a UK-headquartered issuer, though SGD-denominated) may share this same custody line alongside GE Life. Not yet confirmed exactly how POEMS splits it between the two; treating this as a combined cost across both until a bill with a clearer breakdown surfaces.
Sizing this against the income it costs (revised): USD 22.99/month × 12 = USD 275.88/year (≈ S$372 at current FX). If shared across GE Life (S$13,767/yr) + Standard Chartered (S$10,750/yr) = S$24,517/yr combined income, the drag is roughly 1.5% of that combined income — smaller than the 2.6% first estimated against GE Life alone. Either way, the custody fee remains a minor cost, not a reason to exit either position.
New Issue Watchlist — Not Yet Executed
Deals under consideration but not yet placed with a dealer. Logged for reference only — no capital committed, no impact on portfolio totals above.
| Issue | Terms | Considered Entry | Status |
|---|---|---|---|
| OCBC SGD Perpetual NC5 AT1 Subordinated AT1 capital note; no maturity; first call 2031; coupon resets off 5Y SORA-OIS thereafter | IPG 3.50% area (Update #1; revised from an earlier 3.15% area price guide) Ratings: Baa1/S&P BBB-/Fitch BBB+ · Size: SGD benchmark (~600M area) · Settlement 19 Aug 26 (T+5) | 100.25 on SGD 250,000 face = SGD 250,625 No accrued interest (new issue) | Considering — not executed Flagged 12 Aug 2026, ahead of CFP Level 1 exam 1:30–5pm; decision deferred to Prof Tan |
Justifications discussed:
- Coupon looks low versus OCBC's own AT1 history. A web check found past OCBC SGD AT1 new issues priced at meaningfully higher IPGs (e.g. 4.25% and 4.375% in prior years) — today's 3.50% area sits well below that. Could not independently verify today's specific deal terms, since live syndicate desk broadcasts aren't publicly indexed in real time; the terms above are exactly as relayed by the dealer, unconfirmed against a public source.
- Rate-hike thesis doesn't actually help this bond soon. Prof Tan's own read was "potentially better bonds once Fed raises rates" — but this coupon is fixed until the first call/reset in 2031 regardless of Fed moves between now and then, so that's a real opportunity-cost risk against locking in now, not a reason on its own to skip.
- IPG typically tightens before final pricing. Syndicated SGD deals commonly price 15–40bp inside initial guidance by launch, so the actual coupon received could land below 3.50%.
- Structure risk, standard for AT1: perpetual (no maturity), issuer call optionality at year 5, subordinated with loss-absorption features, rated several notches below issuer senior debt — consistent with the rest of the AT1 exposure already in this book (Standard Chartered, GE Life).
Credit Research Log — Reference Only
Analyst research read for background/market context. Not a current holding and not confirmed as a position Prof is actively pursuing — logged here purely as reference in case it informs a future decision.
OCBC Group Research — UBS Group AG Credit Update, 1 Sep 2026 (Analyst: Aleen Lee, CFA)
Issuer Profile: Neutral (3) · Credit Direction: Neutral
Key development: Swiss Senate's Economic Affairs and Taxation Committee voted 10-2 (1 abstention) to recommend UBS be allowed to meet 50% of the proposed capital requirement for foreign subsidiaries with reformed AT1 instruments, rather than 100% CET1 (common equity) as originally proposed in April 2026. This materially reduces UBS's estimated ~USD20bn additional CET1 burden, preserving flexibility for business growth, distributions and capital returns.
OCBC's view: "Remain constructive on UBS AT1s" — supply impact from additional issuance should be manageable if phased in over a long transition period. Key uncertainty: whether structural changes (stronger distribution restrictions, higher triggers, earlier equity conversion) apply only to future issuance with existing AT1s grandfathered, which would benefit outstanding bonds' comparatively investor-friendly terms.
Next steps: proposal goes to the full upper chamber of Swiss Parliament, then the lower house. Final capital calibration and AT1 treatment unresolved — rules unlikely before end-2026, possibly deferred into 2027.
Key development: Swiss Senate's Economic Affairs and Taxation Committee voted 10-2 (1 abstention) to recommend UBS be allowed to meet 50% of the proposed capital requirement for foreign subsidiaries with reformed AT1 instruments, rather than 100% CET1 (common equity) as originally proposed in April 2026. This materially reduces UBS's estimated ~USD20bn additional CET1 burden, preserving flexibility for business growth, distributions and capital returns.
OCBC's view: "Remain constructive on UBS AT1s" — supply impact from additional issuance should be manageable if phased in over a long transition period. Key uncertainty: whether structural changes (stronger distribution restrictions, higher triggers, earlier equity conversion) apply only to future issuance with existing AT1s grandfathered, which would benefit outstanding bonds' comparatively investor-friendly terms.
Next steps: proposal goes to the full upper chamber of Swiss Parliament, then the lower house. Final capital calibration and AT1 treatment unresolved — rules unlikely before end-2026, possibly deferred into 2027.
| ISIN | Ticker | Curr | Next Call | Last Price | Mid YTM | Mid YTC | Recom |
|---|---|---|---|---|---|---|---|
| US902613AJ70 | UBS 4 7/8 PERP | USD | 12/02/2027 | 99.72 | 7.81% | 5.52% | Neutral |
| CH1325807860 | UBS 5 3/4 PERP | SGD | 21/08/2029 | 104.40 | 4.77% | 4.09% | OW |
| US902613BN73 | UBS 6.85 PERP | USD | 10/09/2029 | 101.94 | 7.48% | 6.14% | OW |
| CH1357852636 | UBS 5.6 PERP | SGD | 21/12/2029 | 104.35 | 4.64% | 4.11% | OW |
| US225401BH08 | UBS 7 PERP | USD | 10/02/2030 | 101.48 | 7.12% | 6.51% | OW |
| USH42097CB19 | UBS 4 3/8 PERP | USD | 10/02/2031 | 91.21 | 7.51% | 6.69% | OW |
| USH42097FB81 | UBS 7 1/8 PERP | USD | 10/08/2034 | 100.43 | 7.25% | 7.05% | Neutral |
Indicative prices as of 31 Aug 2026 (Source: Bloomberg, via OCBC Group Research). Note the two SGD-denominated notes (CH1325807860, CH1357852636) have materially lower YTM (~4.6-4.8%) than the USD notes (~7.1-7.8%) — reflects currency/rate differential, not credit quality difference within UBS's own curve.
Decision Framework: Keep vs. Let Go
Perpetual bonds have no maturity date, so daily price moves are noise, not signal — watching them like a stock is a recipe for feeling worse than the situation warrants. Evaluate on these three questions instead of the daily P/L color:
- Is the coupon still being paid on schedule? (Confirmed twice running: StanChart 15 Jul, GE Life 22 Jul, both on time.)
- Has the issuer's credit quality actually changed? (Nothing in the data suggests this for any current holding.)
- Is the coupon still attractive versus buying fresh today? (The real "keep vs. let go" test — a dated bond near par is a different case from an underwater perpetual with a weak coupon.)
| Bond | Coupon | Unrealized | Read |
|---|---|---|---|
| ESR REIT | 5.75% | +1.99% | Keep — best coupon, still best performer |
| Wee Hur (dated 2030) | 4.80% | +1.89% | Keep — matures at par regardless of today's price |
| MoneyMax (dated 2028) | 5.00% | +0.49% | Keep — dated at par, smallest mover of the book |
| Standard Chartered AT1 | 4.30% | −1.26% | Watch — flipped from +1.12% gain to loss; still paying on time, but the swing is the largest reversal in the book |
| Keppel REIT PERP | 3.28% | −1.59% | Reconsider — weakest coupon in the book + underwater + no maturity, now worse than before |
| Lendlease PERP | 3.90% | −2.35% | Reconsider — upgraded from "Watch": loss widened again to −2.35% (10 Oct), now clearly the weakest SGD position, behind Keppel |
| GE Life AT1 (USD) | 5.398% | −3.86% | Reconsider — loss widened again to −3.86% (10 Oct); still the largest $ and % loss in the book despite the highest coupon; also carries standalone USD/FX exposure |
| Astrea 9 Class A-1 (SGD) | ~3.4% | −0.87% | Watch — new position, first time showing a real loss (was flat 0.00%) |
| Astrea 9 Class A-2 (USD) | ~5.7% | −1.73% | Watch — new position, first time showing a real loss (was flat 0.00%); also USD exposure |
Updated 10 Oct 2026: percentages above refreshed from POEMS. GE Life (−3.86%) and Lendlease (−2.35%) widened most; reads unchanged except that Lendlease has now separated from Keppel as the weaker of the two SGD perpetuals. Astrea 9 rows still show 24 Sep figures (not visible in the 10 Oct screenshot).
Earlier, 24 Sep 2026: broad pullback across the entire book since 3 Aug — every single position moved down, and the ranking shuffled meaningfully. Standard Chartered flipped from a clean "Keep" (+1.12%) to underwater (−1.10%), moved to Watch. Lendlease's loss more than tripled (−0.41% → −1.54%) and is upgraded to Reconsider, now essentially tied with Keppel as the weakest perpetuals. GE Life remains the single worst position by both dollar and percentage terms, and its loss widened further (−1.25% → −2.49%). Both Astrea 9 notes, previously flat, now show real (if modest) losses for the first time.
Relevant to the live Temasek SGD 10Y new issue (3 Aug, landing ~2.60%): if funding a rotation with existing bond capital rather than fresh cash, GE Life remains the strongest swap-out candidate — it closes both the weakest-P&L position AND the only standalone USD/FX exposure in the book in one move. Keppel and Lendlease are now close enough in P/L that either could be the second leg of a rotation; Keppel still has the lower coupon of the two.
Risk: All perpetuals carry call/extension risk. ESR-REIT and Keppel REIT are subordinated — distributions at issuer discretion, non-cumulative. GE Life AT1 has MAS bail-in clause + FX risk. Plan reinvestment as call dates approach 2029–2032.
Liquidation Trigger Framework — decided 24 Sep 2026, while thinking clearly
Set up after the portfolio swung from +0.85% to −0.23% and started feeling like a "sore eye." The point of this framework: bond prices don't respect a calendar date, so the trigger is the event, not a timeline. Future-Prof executes on these rules; doesn't re-litigate them in the moment.
Exit immediately — no debate:
- A coupon payment is missed or deferred on any holding
- A 2+ notch credit downgrade, or any downgrade paired with a negative outlook
Reassess, don't auto-exit:
- An issuer signals it won't call a perpetual at first call date — changes the duration math, doesn't automatically mean sell
Never a trigger — by definition, ignore:
- Daily, weekly, or monthly price moves with no change in coupon status or credit quality — this is noise, including the 3 Aug → 24 Sep swing itself
- Dated bonds (MoneyMax 2028, Wee Hur 2030) never need a liquidation decision at all — they return par at maturity regardless of today's quote
Review cadence: quarterly, tied to the existing coupon calendar above — not daily. If considering a rotation into capital Prof actively trades/manages rather than a straight liquidation, do it as a scoped decision on the specific weak positions (GE Life, Keppel, Lendlease per the Decision Framework above), not as an all-or-nothing exit of the whole book.